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The Volkswagen Group confirms full-year targets for deliveries to customers, sales revenue and operating profit before special items. Sales revenue of the Volkswagen Group rose 3.1 percent year-on-year to EUR 60.0 billion in the first three months of the current fiscal year. The rise, which occurred despite the decline in volumes of deliveries to customers, was mainly the result of mix improvements and the healthy business performance in the Finan-cial Services Division. At EUR 11.7 (11.6) billion, operating profit was in line with the previ-ous year. Operating profit before special items increased by EUR 0.6 billion to EUR 4.8 billion. The operating return on sales before special items rose to 8.1 (7.2) percent. Positive effects arising from the fair value measurement of gains and losses on certain de-rivatives, improvements in the mix and price positioning and the favorable exchange rate trend more than offset the rise in fixed costs and lower vehicle sales. Negative special items arising from legal risks in the amount of one billion euros reduced operating profit, which declined year-on-year by EUR 0.3 billion to EUR 3.9 billion. The share of profits or losses of equity-accounted investments and the share of profits and losses of the Chinese joint ven-tures included in that amount were on a par with the previous year at EUR 800 million. Profit before tax was down on the prior-year period, at EUR 4.1 (4.5) billion. Net liquidity in the Automotive Division amounted to EUR 16.0 billion.

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